Abstract:

The crash of the Russian aircraft on November 24, 2015 led to a political crisis between Turkey and Russia and resulted in economic sanctions. In this study, this problematic period, which ended with the 15th July 2016 coup, has been investigated the impact of our sectors affected by the eco-political problems of the Stock Exchange Istanbul and Russia on the national and international systematic risk level. June 2012 - June 2019 period market data was used. The MSCI world portfolio represents all countries share index, the MSCI world energy index, the RTSI and RTSI oil and gas index represents the Russian market and the Russian national MOEX and MOEX oil and gas index and the BIST 100 index and the Stock Exchange Istanbul electricity, food, tourism, textile, chemistry-petrol and industrial sector index have been used daily return data. Turkish food, chemical and oil and industrial sectors have been found to have higher betas in the aircraft crisis period than pre- and post-crisis betas. The international beta of food, chemical and oil sectors has also been seen to be higher during the crisis period. During this period, the BIST100, food, tourism, industry and textile sector index revenue increased significantly, while its sensitivity to the MOEX index revenue increased significantly. BIST100, food, chemical-petrol, electricity, tourism, industry and textile sectors have also found that their sensitivity to the MOEX oil-gas index is significantly higher. The eco-political problems between the two countries increase the risk of our country’s market.

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